An Assignment Submitted to

University of Mumbai for partial completion of the Degree of

Master in Commerce (Advanced Accountancy) Part I Semester II

Under the Faculty of Commerce

By
Ms. Divya Kanhaiyalal Agarwal
A013
45209200014
Ms. Samriddhi Prabhakar Shetty
A020
45209200023

For the subject

CORPORATE FINANCE

Guided by
MRS. ASHWINA PAUL

Assignment title
CAPITAL BUDGETING IN AIRTEL

Submitted to

SVKM’s NARSEE MONJEE COLLEGE OF COMMERCE &

ECONOMICS(Autonomous)

Swami Bhaktivedant Marg, Bhagubai Mafatlal Complex, Vile Parle West

Mumbai- 400056
JUNE 2021
 DECLARATION

We, DIVYA KANHAIYALAL AGARWAL and SAMRIDDHI PRABHAKAR SHETTY

students of [Link] Part I (Advanced Accountancy – Semester II (2020-2021) hereby declare

that we have completed this assignment on

“CAPITAL BUDGETING OF AIRTEL”

The information submitted is True and Original to the best of our knowledge.
 INDEX

Sr No Particulars Pg No

1 Abstract 1

2 Introduction 2

2.1 Need for the study 3

2.2 Objectives of the study 3

2.3 Scope of the study 3

3 Review of Related Literature 4

3.1 Capital budgeting objectives 5

3.2 Capital budgeting procedures 5

4 Capital budgeting techniques 7

4.1 Traditional Methods 7

4.2 Discounted Cash Flow Methods 8

5 Company Profile – Bharati Airtel 12

6 Model Project Estimate 14

7 Decision Making Processes 15

8 Findings from the Project Design 21

9 Conclusion 22

10 References and Bibliography 23

11 Annexure 24

ABSTRACT
Capital budgeting is a step by step process that businesses use to determine the merits

of an investment project. The decision of whether to accept or deny an investment

project as part of a company's growth initiatives, involves determining the investment

rate of return that such a project will generate. However, what rate of return is deemed

acceptable or unacceptable is influenced by other factors that are specific to the

company as well as the project.

Capital budgeting is important because it creates accountability and measurability.

Any business that seeks to invest its resources in a project, without understanding the

risks and returns involved, would be held as irresponsible by its owners or

shareholders. Furthermore, if a business has no way of measuring the effectiveness of

its investment decisions, chances are that the business will have little chance of

surviving in the competitive marketplace.

This project reviews on capital budgeting procedures. Analytic techniques such as Net

present value (NPV), Internal rate of return (IRR), Payback Period, Accounting Rate

of Return and Profitability Index are studied using the help of records from Bharti

Airtel to help them decide on whether to invest in their new proposed plan or not.

The model investment plan is discussed below with the chosen estimate values and

based on which answers have been accumulated whether to accept or reject. The

figures used for calculation are taken in proportion to the figures in the Bharti Airtel

fixed assets schedule and profit and loss statement as well as revenue schedule for the

year 2019 – 2020 and are assumed for assistance. The schedules used have been

attached as annexure in this project document.

INTRODUCTION
1
Capital Budgeting is the process of identifying, analysing and selecting investment

projects whose cash flows are expected beyond one year. It is also called as

investment appraisal. It is the planning process used to determine whether an

organisation’s long term investments, major capital, or expenditures are worth

pursuing. The decision to accept or reject a capital budgeting project depends on an

analysis of the cash flows generated by the project and its cost.

Management must allocate the form’s limited resources between competing

opportunities (projects), which is one of the main focuses of capital budgeting.

Capital budgeting is also concerned with the setting of criteria about which project

should receive investment funding to increase the value of the firm, and whether to

finance that investment with equity or debt capital. Capital budgeting projects may

include a wide variety of different types of investments which could be really

profitable for the organisation on which the management has to make a decision to

either accept the project or reject the same.

Choosing capital budgeting projects is based upon several inter-related criteria:

 Corporate management seeks to maximise the value of the firm by investing in

projects which yield a positive net present value when valued using

appropriate discount rate in consideration of risk.

 These projects must also be financed appropriately.

 If no positive NPV projects exist and excess cash surplus is not needed to the

firm, then financial theory suggest that management should return some or all

of the excess cash to shareholders (i.e., distribution via dividends).

NEED FOR THE STUDY 2

  The project study is undertaken to analyse and understand the capital

budgeting process in financial sector.

 To know about company’s operation of using capital budgeting techniques.

 To know how the company gets fund from various sources.

 To make decisions of proposals so as to choose the best one.

OBJECTIVES OF THE STUDY

 To understand various kinds of capital budgeting problem

 To outline factors that goes into making a capital decision.

 To understand the various method of determining the size of capital budgeting

and evaluating investment proposals.

 To analyse the strength and weakness of process of capital budgeting.

 To measure the profitability of the project by considering all cash flows.

 To suggest guidelines to the company to improve its financial position.

SCOPE OF THE STUDY

 Construction or acquisition of capital facilities, including land purchase,

preparation and easements

 Acquisition, construction, demolition or replacement of a capital asset.

 To understand the practical usage of capital budgeting in evaluating projects.

 To offer conclusion derived from the study and give suitable suggestions for

the efficient utilisation of capital expenditure decisions.

REVIEW OF RELATED
3
LITERATURE
Capital budgeting is the process that a business uses to determine which proposed

fixed asset purchases it should accept, and which should be declined. This process is

used to create a quantitative view of each proposed fixed asset investment, thereby

giving a rational basis for making a judgment.

It is a process of evaluating investments and huge expenses in order to obtain the best

returns on investment. An organisation is often faced with the challenges of selecting

between two projects/investments or the buy vs replace decision. Ideally, an

organisation would like to invest in all profitable projects but due to the limitation on

the availability of capital an organisation has to choose between different

projects/investments. 

Thus, the manager has to choose a project that gives a rate of return more than the

cost financing such a project. That is why he has to value a project in terms of cost

and benefit. 

Following are the categories of projects that can be examined using capital

budgeting process:

 The decision to buy new machinery

 Expansion of business in other geographical areas

 Replacement of an obsolete equipment

 New product or market development

Thus, capital budgeting is the most important responsibility undertaken by a

financial manager.

OBJECTIVES OF CAPITAL BUDGETING

4
Capital expenditures are huge and have a long-term effect. Therefore, while

performing a capital budgeting analysis an organization must keep the following

objectives in mind:

1. Selecting profitable projects

An organisation comes across various profitable projects frequently. But due to

capital restrictions, an organisation needs to select the right mix of profitable projects

that will increase its shareholders’ wealth.  

2. Capital expenditure control

Selecting the most profitable investment is the main objective of capital budgeting.

However, controlling capital costs is also an important objective. Forecasting capital

expenditure requirements and budgeting for it, and ensuring no investment

opportunities are lost is the crux of budgeting.  

3. Finding the right sources for funds

Finding the balance between the cost of borrowing and returns on investment is an

important goal of Capital Budgeting.

CAPITAL BUDGETING PROCESS

The process of capital budgeting is as follows:

1. Identifying investment opportunities

An organisation needs to first identify an investment opportunity. An investment

opportunity can be anything from a new business line to product expansion to

purchasing a new asset.  For example, a company finds two new products that they

can add to their product line.

5
2. Evaluating investment proposals

Once an investment opportunity has been recognized an organization needs to

evaluate its options for investment. That is to say, once it is decided that new

product/products should be added to the product line, the next step would be deciding

on how to acquire these products. There might be multiple ways of acquiring them.

3. Choosing a profitable investment

Once the investment opportunities are identified and all proposals are evaluated an

organisation needs to decide the most profitable investment and select it. While

selecting a particular project an organisation may have to use the technique of capital

rationing to rank the projects as per returns and select the best option available

4. Capital Budgeting and Apportionment

After the project is selected an organisation needs to fund this project. To fund the

project it needs to identify the sources of funds and allocate it accordingly.   The

sources of these funds could be reserves, investments, loans or any other available

channel.

5. Performance Review

The last step in the process of capital budgeting is reviewing the investment. Initially,

the organisation had selected a particular investment for a predicted return. So now,

they will compare the investments expected performance to the actual performance.

This procedure is followed across multiple organisations to make capital

budgeting decisions for the management.

6
CAPITAL BUDGETING TECHNIQUES

Capital budgeting techniques are the methods to evaluate an investment proposal in

order to help the company decide upon the desirability of such a proposal. These

techniques are categorised into two heads : traditional methods and discounted cash

flow methods. 

A. TRADITIONAL METHODS

Traditional methods determine the desirability of an investment project based on its

useful life and expected returns. Furthermore, these methods do not take into account

the concept of time value of money. 

1. PAY BACK PERIOD METHOD

Payback period refers to the number of years it takes to recover the initial cost of an

investment. Therefore, it is a measure of liquidity for a firm. If an entity has liquidity

issues, in such a case, shorter a project’s payback period, better it is for the firm. 

Payback period = Total initial cost of capital investment

Cash flow during the last year

Here, full years until recovery is nothing but the payback that occurs when cumulative

net cash flow equals to zero. Cumulative net cash flow is the running total of cash

flows at the end of each time period. In this technique, the entity calculates the time

period required to earn the initial investment of the project or investment. The project

or investment with the shortest duration is opted for.

This technique has its own set of limitations and therefore another approach

called as the Discounted Pay Back Period was discovered so as to get accurate

results as a decision making technique.

7
 2. AVERAGE RATE OF RETURN METHOD (ARR)

Under ARR method, the profitability of an investment proposal can be determined by

dividing average income after taxes by average investment, which is average book

value after depreciation. 

ARR = Average Net Income After Taxes x 100

Average Investment

Average Income After Taxes = Total Income After Taxes

Total Number of Years

Average Investment = Total Investment

2

Based on this method, a company can select those projects that have ARR higher than

the minimum rate established by the company. And, it can reject the projects having

ARR less than the expected rate of return. In this technique, the total net income of

the investment is divided by the initial or average investment to derive at the most

profitable investment.

B. DISCOUNTED CASH FLOW METHODS

As mentioned above, traditional methods do not take into the account time value of

money. Rather, these methods take into consideration present and future flow of

incomes. However, the DCF method accounts for the concept that a rupee earned

today is worth more than a rupee earned tomorrow. This means that DCF methods

take into account both profitability and time value of money. 

1. NET PRESENT VALUE METHOD (NPV)

NPV is the sum of the present values of all the expected incremental cash flows of a

project discounted at a required rate of return less than the present value of the cost of

the investment. 

8
In other words, NPV is the difference between the present value of cash inflows of a

project and the initial cost of the project. The investment with a positive NPV will be

considered. In case there are multiple projects, the project with a higher NPV is more

likely to be selected.

As per this technique, the projects whose NPV is positive or above zero shall be

selected. If a project’s NPV is less than zero or negative, the same must be rejected.

Further, if there is more than one project with positive NPV, then the project with the

highest NPV shall be selected.

2. INTERNAL RATE OF RETURN (IRR)

Internal Rate of Return refers to the discount rate that makes the present value of

expected after-tax cash inflows equal to the initial cost of the project. 

In other words, IRR is the discount rate that makes present values of a project’s

estimated cash inflows equal to the present value of the project’s estimated cash

outflows. 

If IRR is greater than the required rate of return for the project, then accept the

project. And if IRR is less than the required rate of return, then reject the project. 

For NPV computation a discount rate is used. IRR is the rate at which the NPV

becomes zero.  The project with higher IRR is usually selected.

9
 3. PROFITABILITY INDEX

Profitability Index is the present value of a project’s future cash flows divided by

initial cash outlay. Thus, it is closely related to NPV. NPV is the difference between

the present value of future cash flows and the initial cash outlay. 

Whereas, PI is the ratio of the present value of future cash flows and initial cash

outlay. 

PI = 1 + NPV

INITIAL INVESTMENT

Thus, if the NPV of a project is positive, PI will be greater than 1. If NPV is negative,

PI will be less than 1. Therefore, based on this, if PI is greater than 1, accept the

project otherwise reject. 

4. MODIFIED INTERNAL RATE OF RETURN

The modified internal rate of return (commonly denoted as MIRR) is a financial

measure that helps to determine the attractiveness of an investment and that can be

used to compare different investments. The MIRR is primarily used in capital

budgeting to identify the viability of an investment project. 

If the MIRR of a project is higher than its expected return, an investment is

considered to be attractive. Conversely, it is not recommended to undertake a project

if its MIRR is less than the expected return.

Each technique comes with inherent advantages and disadvantages. An

organisation needs to use the best-suited technique to assist it in budgeting.  It

10
can also select different techniques and compare the results to derive at the best

profitable projects.

Pay Back Period

Traditional
Methods Accounting Rate
Of Return

Capital Budgeting Net Present Value

Techniques

Internal Rate Of
Return
Discounted Cash
Flow Methods
Profitability Index

Modified IRR

Here is a small recap of all the essential capital budgeting techniques required

for decision making in the organisation.

11
 COMPANY PROFILE : BHARTI AIRTEL

Airtel comes to you from Bharti Airtel Limited. It is one of the leading integrated

telecom services providers with operation in 18 countries across Asia and Africa.

Sunil Bharti Mittal is the Founder, Chairman and Group CEO of Bharti Enterprises,

one of India’s leading business groups with interests in telecom, financial services,

retail, reality, manufacturing and agriculture. 

It is one of Asia’s leading providers of telecommunication services with presence in

all the 22 licensed jurisdiction (Also known as Telecom Circles) in India and Sri

Lanka. It not only deals with telecom but also it has many other products. It has

pioneered several innovations in telecom sectors. The company is structured into four

strategic business units:- Mobile, Tele Media, Enterprise and Digital TV.

The mobile business offers services in India, Sri Lanka and Bangladesh. The

telemedia business provides broadband. IPTV and telephone services in 89 Indian

cities. The Digital TV business provides Direct-to-Home TV services across India.

The Enterprise business provides end-to-end telecom solutions to corporate customers

and national and international long distance services to telcos.

Airtel was born free, a force unleashed into the market with a relentless and

unwavering determination to success. A spirit charged with energy, creativity and a

team driven “to seize the day” with an ambition to become the most globally admired

telecom service. The organisation in just ten years of operations, rose to the pinnacle

to achievement and continues to lead.

As India’s leading telecommunication company Airtel brand has played the role as a

major catalyst in India’s reforms, contributing to its economic resurgence.

12
Airtel is a brand of telecommunication services in India operated by Bharti Airtel. It is

the largest cellular service provider in India in terms of number of subscribers.

Bharti Airtel owns the Airtel brand and provides the following services-under the

brand name Airtel: Mobile Services (using GSM Technology), Broadband&

Telephone Services (Fixed line, Internet Connectivity and Leased Line), Long

Distance Services and Enterprise Services (Telecommunications Consulting for

corporates). It has presence in all 23 circles of the country and covers 71% of the

current population (as of FY07). Leading international telecommunication companies

such as Vodafone and Singtel hold partial stakes in Bharti Airtel.

During this period of pandemic, Bharti Airtel has been able to defend its ground by

holding on to its market share. This can be attributed to the Airtel’s strategy of not

simply being a pipe providing connectivity but being an ecosystem of digital services

with an aim to win quality customers across verticals and offer them brilliant

experience across all touch points.

During the year, Airtel continued its focus on quality customers and maintained its

obsession with superior networks and seamless experience to the customers. Airtel

Thanks program was enhanced to offer a differentiated experience through owned and

partner ecosystem. By putting customers at the heart of the strategy, the company

invested heavily into the networks and was able to provide best video experience and

download speed experience.

13
 MODEL PROJECT ESTIMATE

NAME OF THE PROJECT: EXPANSION OF MOBILE SERVICE DUE TO

PANDEMIC IN THE CITY OF MUMBAI

JUSTIFICATION : There has been tremendous increase in mobile usage after due to

the pandemic. In order to cater the need and improve the profitability, this project is

taken up. The necessary equipments and cables will be purchased by open tender.

The cash flows are taken and the estimated life would be 15 years with a

discounting rate of 10% and the rate for cost of capital or minimum acceptable

rate of return being 8%.

The figures are taken in proportion the fixed asset schedule as well as the

expenditures of Bharti Airtel for the financial year 2019 – [Link] capital outlay is

taken in proportion to the figures in the Bharti Airtel’s fixed asset schedule for the

year 2019 – [Link] anticipated revenues and expenditures are in proportion to the

expenditure of the year 2019 – 2020.

We collect data from the Standalone Balance Sheet and the profit and loss statement

of Bharti Airtel for the year 2019 – 2020.

All figures used are taken in actual proportions from the respective schedules

but are assumed in accordance for the ease of the project work.

We find the capital outlay, anticipated revenues along with annual recurring

expenditures for this proposed project.

14
 DATA USED FOR DECISION MAKING PROCESSES

CAPITAL OUTLAY FOR THE PROPOSED PROJECT

Particulars (₹ 'lakhs)
Land (free hold) 10900
Land (lease hold) 1600
Building 53050
Apparatus and plant 218400
Motors and launches 136450
Cables 150
Lines and wires 10300
Installation test equipment 2100
Masts and aerials 28100
Office machinery and equipment 600
Electrical fittings 21000
Furniture and fixtures 500
Computers 2250
Decommissioned assets 10700
Subscriber installation 3900
Total 500000

ANNUAL RECURRING EXPENDITURE FOR THE PROPOSED PROJECT

Particulars (₹ ‘lakhs)
Remuneration (staff) 4200
Rent (building)-tower sites 3000
Lease charges 500
Rates and taxes 4800
Power\fuel\vehicle running exp. 24000
Repairs and maintenance :  
A) building 1325
B) plant and machinery 3400
C) cables 2050
D) others 2925
Total 84000

ANTICIPATED REVENUES FOR THE PROPOSED PROJECT

15
 Particulars (₹ ‘lakhs)
Cellular  
Prepaid 81600
Post paid 19200
Vas and others 7200
Inter connection usage charges 12000
Total 120000

Cash flows (₹ ‘lakhs) = Total revenue – Total expenses

= 120000 - 84000
= ₹ 36000
Estimation of these cash flows is the first step to use various capital budgeting

techniques for decision making by the organisation for the proposed project of

expansion of mobile services in the city.

1. PAY BACK PERIOD

The cash flows for the proposed project are uniform and so use can use the following formula

for estimating the payback period.

Payback period = Total initial cost of capital investment

Cash flow during the last year

Payback period = 500000

36000

Payback period = 13.88 years

From the above we observe that the payback period i.e., the time period required

for the recovery of the initial investment in the project is 13 years and 10

months. The project can be accepted if the payback period is less than the

maximum benchmark period of 15 years which is in this case.

2. ACCOUNTING RATE OF RETURN

16
It measures the average annual net income of project as a % of investment.
 ARR = Average annual net income
Average Investment

ARR = 36000 * 100

(500000 / 2)

ARR = 14.4%

The project can be accepted if the ARR is higher than the hurdle rate or the

minimum acceptable rate of return established by the management which is this

case is 8%. Therefore, ARR is greater in this case indicating project to be

accepted.

3. NET PRESENT VALUE

The NPV is a discounted cash flow method that considers the time value of money in

evaluating capital investments.

Year Cash flows PVF @ 10% Discounted CF

0 -500000 1 -500000
1 36000 0.909 32724
2 36000 0.826 29736
3 36000 0.751 27036
4 36000 0.683 24588
5 36000 0.621 22356
6 36000 0.564 20304
7 36000 0.513 18468
8 36000 0.467 16812
9 36000 0.424 15264
10 36000 0.386 13896
11 36000 0.35 12600
12 36000 0.319 11484
13 36000 0.29 10440
14 36000 0.263 9468
  NPV   234824
From the above table, we observe that the NPV is ₹234824. Hence, the project

can be accepted as the NPV is positive and greater than zero.

17
 4. INTERNAL RATE OF RETURN

IRR for an investment proposal is the discount rate that equates the present value of

the expected cash inflows with the initial cash outflow.

Year Cash flows Pvf @ 10% Disc CF Pvf @25% Disc CF

0 (500000) 1 (500000) 1 (500000)

1 36000 0.909 32724 0.8 28800

2 36000 0.826 29736 0.64 23040

3 36000 0.751 27036 0.512 18432

4 36000 0.683 24588 0.4096 14745.6

5 36000 0.621 22356 0.3277 11797.2

6 36000 0.564 20304 0.2621 9435.6

7 36000 0.513 18468 0.2097 7549.2

8 36000 0.467 16812 0.1677 6037.2

9 36000 0.424 15264 0.1342 4831.2

10 36000 0.386 13896 0.1073 3866.4

11 36000 0.350 12600 0.0859 3092.4

12 36000 0.319 11484 0.0687 2473.2

13 36000 0.290 10440 0.0549 1976.4

14 36000 0.263 9460 0.0439 1580.4

234824 (362343.2)

18
IRR = 10% + 234824 * (25-10) %
234824 - (-362343.2)
 IRR = 13.93%

From the above, we observe that the IRR is the rate of return earned on the
initial investment made in the project. The project can be accepted if the IRR is
greater than the cut off rate which stands true in this case.

5. PROFITABILITY INDEX

Profitability Index is the present value of a project’s future cash flows divided by

initial cash outlay. The project with a PI greater than or equal to 1 can be accepted.

PI = 1 + NPV
INITIAL INVESTMENT

PI = 1 + 234824
500000
PI = 1.47

From the above, we observe that profitability index is 1.47 which is greater than
1, so the organisation should accept the project.

6. MODIFIED INTERNAL RATE OF RETURN

MIRR is a modification of the internal rate of return (IRR) and as such aims to

resolve some problems with the IRR. The modified internal rate of return (MIRR)

assumes that positive cash flows are reinvested at the firm's cost of capital and that the

initial outlays are financed at the firm's financing cost. It is a better method as

compared to the original IRR method as we considering reinvesting at out return

instead of using interpolation with a higher rate of return.

Year Cash Inflows CF @ IRR FV (CI)

1 36000 19 6.208 223488
2 36000 5.449 196164
3 36000 4.783 172188
4 36000 4.198 151128
 5 36000 3.685 132660
6 36000 3.234 116424
7 36000 2.839 102204
8 36000 2.492 89712
9 36000 2.187 78732
10 36000 1.92 69120
11 36000 1.685 60660
12 36000 1.478 53208
13 36000 1.298 46728
14 36000 1.139 41004
15 36000 1 36000
Total 1569420

PV = 1569420

1569420 = 500000 ( 1 + i ) 15

3.13884 = (1 + i ) 15

MIRR = 8.513%

Since the MIRR is greater than the cost of capital i.e the finance rate it is

advisable for the company to go forward with the project

20
FINDINGS FROM THE PROJECT DESIGN

A list of findings from the analysis are mentioned below:

 Method Result Decision Why?
Payback 13.88 Yes Because the payback period is less
Period years than the estimated payback time of
the project.
Accounting 14.40% Yes Because the ARR is more than the
Rate of cost of capital.
Return
NPV 234824 Yes Because NPV is positive (reject the
project if NPV is negative).
Profitability 1.47 Yes Because the PI index of this project
Index is greater than 1.
IRR 13.93% Yes Because the IRR is more than the
cost of capital.
MIRR 8.51% Yes Because the MIRR is more than the
cost of capital.

The project has had a positive outlay using the various methods of capital budgeting

indicating that the company should accept and go ahead with the project work.

The company should work on the same as with the arousing threat of the pandemic

the work from home option is here to stay and that the world and our country India is

moving towards absolute digitalization where this investment the company is

budgeting now will reap greater rewards in future.

CONCLUSION
21
Capital budgeting techniques are used to determine long term goals, new investment

opportunities and estimating and forecasting future and current cash inflows. With

any capital budgeting technique measuring risks uncertainty and the cash of capital as

well as anticipated project performance determine the viability of a project. The

capital budgeting technique, NPV, IRR and ARR are all good techniques and allows

us to accept or reject investment project. It is best to use more than one perspective so

as not to get persuaded by a single aspect. Consistent with the goal of shareholders

wealth maximization. However, there are many times when one technique output is

better for some decisions or when a technique has to be modified given certain

circumstances. Due to the complexity and numerous issues related to the operating

budget, our scope is focused primarily on the capital budget. The overall process of

developing requests and allocating funds for capital projects seems to work well

especially given the complexities of construction funding, planning, and management.

Despite strong management there are still problems in the capital project process that

should be addressed. These problems are driven as much by inefficiencies in resource

allocation as by issues with the actual construction management process. Many

campuses also find it difficult to fund the operating and ongoing maintenance of new

buildings with existing operating budget, while central administration aften allocates

new funds through lump sum allocations, there is great concern that these funds are

not sufficient to keep up new buildings. According to capital budgeting technique the

internal rate of return is the most communally used method for evaluating capital

budgeting proposals. For the investment option to be viable the project is accepted

when IRR is great than the cut-off rate which is true in the above case. Also, the

project can be accepted as the NPV is positive and greater than zero.

REFERENCES AND
22BIBLIOGRAPHY
1. CA INTERMEDIATE FINANCIAL MANAGEMENT MODULE 2

2. ANNUAL REPORT OF BHARTI AIRTEL 2019-2020

3. [Link]

[Link]

4. [Link]

5. [Link]

internal-rate-of-return-mirr/

6. [Link]

7. [Link]

Company/Bharti-Airtel-Ltd/15542

ANNEXURES
23
1. FIXED ASSET SCHEDULE

2. REVENUE SCHEDULE

3. PROFIT AND LOSS STATEMENT

24
25